Gold and silver trade higher leading into the European open
(Kitco News) – Gold is trading 0.34% higher leading into the European open. Silver is also having a good start and is nearly 1% in the black. Elsewhere in the commodities complex, copper (1.63%) and spot WTI (1.19%) are both trading well.
In the risk markets, the Nikkei 225 (0.66%), ASX (0.86%), and Shanghai Composite (0.79%) all traded well overnight. Futures in Europe are indicating a positive open.
Over in the FX space, the dollar index (-0.16%) is slightly softer and the biggest mover overnight was AUD/USD (0.57%). Bitcoin is trading half a percent higher at $20,841.
News from overnight:
China state planner vice-head says no to flood-like stimulus.
ECB is reportedly set to bring back ‘sterilization’ in the fight against fragmentation.
Libya warned it may suspend some exports in the next 3 days.
U.S. crude in the Strategic Petroleum Reserve (SPR) has fallen to its lowest since 1986.
French President Macron informed U.S. President Biden of limited extra oil production capacity for Saudi and UAE.
Rating agency Moody’s flags further Russian defaults still to come.
Germany July GfK consumer confidence -27.4 vs -27.6 expected.
Looking ahead to the rest of the session highlights include U.S. consumer confidence, the G7 summit, and speeches from ECB’s Lagarde, Elderson, Lane, Panetta, and Fed’s Daly.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
